Credit and Mortgages Monthly Newsletter - June 2024
Credit and mortgages monthly newsletter - 2024
Consumer Duty View May 2024
Firms now have under 3 months to meet the 31 July 2024 deadline by which (1) firms need to have...
Insurance multi-firm review of outcomes monitoring under the Consumer Duty
Under the Consumer Duty firms must regularly assess, test, understand and evidence the outcomes...
Implementing the Consumer Duty for closed products and services by 31 July 2024
The Consumer Duty sets higher standards for retail financial services customers. It is a core part...
Credit and Mortgages Monthly Newsletter - May 2024
Credit and mortgages monthly newsletter - 2024
Key harms and drivers of harm caused by Appointed Representatives (ARs) and Introducer Appointed Representatives (IARs) that undertake credit broking
The FCA wants to improve principals’ oversight of their Appointed Representatives (ARs) and it has...
FCA Policy Statement on Consumer Credit Product Sales Data Reporting
The FCA has set out in its Policy Statement 24/3 its final rules & guidance for incorporating three...
Credit and Mortgages Monthly Newsletter - April 2024
Credit and mortgages monthly newsletter - 2024
FG24/1: Finalised guidance on financial promotions on social media
We clarify our expectations on how financial promotions should be communicated on social media. We...
Credit and Mortgages Monthly Newsletter - March 2024
Credit and mortgages monthly newsletter - 2024
Review of Firms' Treatment of Customers in Vulnerable Circumstances: FCA's Findings and Expectations
In March 2024, the FCA announced that it would conduct a review into how firms are acting to...
Regulators Unite: FCA's Warning on Debt Collection Practices
Together with Ofgem, Ofwat and Ofcom, we've set out our expectations for firms across markets, as...
Consumer Duty firm survey – Autumn 2023
In Spring 2023, we commissioned Ipsos UK to survey 1,230 firms in scope of the Consumer Duty (the...
Credit and Mortgages Monthly Newsletter - January 2024
Credit and mortgages monthly newsletter - January 2024
The FCA Webinar on Consumer Duty: Key Takeaways and Next Steps
In January 2024, the FCA held a webinar on the Consumer Duty – Next Steps. A transcript of this...
FCA Investigates Motor Finance Commissions
In January 2021, the FCA banned discretionary motor finance commission arrangements (see the...
Dozens of EU platforms in limbo after missing ECSPR deadline
Dozens of peer-to-peer lending and crowdfunding platforms across Europe have been left in...
Credit and Mortgages Monthly Newsletter - December 2023
Credit and mortgages monthly newsletter - December 2023
FCA secures contract changes for growing BNPL customer population
New research from the FCA shows that there has been a significant increase in the use of...
Unregulated Buy Now Pay Later (BNPL) firms becoming authorised
Prior to Brexit, EEA-based firms were able to operate in the UK without direct FCA authorisation.
Financial Watchdog Sets Credit Information Market Improvements
Under proposed rule changes, the FCA says people will find their credit files better reflect their...
Credit and Mortgages Monthly Newsletter - November 2023
Credit and mortgages monthly newsletter - November 2023
General Insurance Value Measures reporting rules for firms
In PS20/9, the FCA introduced rules requiring General Insurance firms to report value measures...
Attesting Compliance With GI Pricing Practices Rules
In PS21/5, issued in May 2021, the FCA confirmed that senior managers would be required to attest...
FCA publishes consultation paper on fees
In November 2023, the FCA published its consultation paper on FCA fees CP23/22: Regulatory fees and...
Credit and Mortgages Monthly Newsletter - October 2023
Credit and mortgages monthly newsletter - October 2023
Fifty-nine firms hold EU crowdfunding licences
Fifty-nine crowdfunding and peer-to-peer lending platforms have been authorised under EU-wide...
FCA consults on proposed additional product sales data returns
The FCA is requesting feedback on the proposed inclusion of three new product sales data returns...
Credit Monthly Newsletter - September 2023
Credit monthly newsletter - September 2023
Key takeaways from the FCA’s recently introduced Consumer Duty
At the end of August, one month on from the introduction of the FCA’s Consumer Duty for current...
FCA consults on IDD replacement rules
The FCA is asking for feedback on its proposals for transferring part of the current regulatory...
The changing face of consumer lending
The combined effect of the rising cost of living, the higher base rate, and low wage growth means...
Credit Monthly Newsletter - August 2023
Credit monthly newsletter - August 2023
Mortgage arrears jump comes as ‘no surprise’
In the second quarter of 2023, 81,900 homeowner mortgages with arrears of 2.5% or more, a jump of...
FCA finds 60% of P2P firms not complying with new risk warning
The FCA has found that almost two-thirds of peer-to-peer lending and crowdfunding firms failed to...
Consumer Credit act to be replaced by new FCA rules
The Consumer Credit Act is set to be axed, along with Section 75. The Act will be replaced by rules...
Credit Monthly Newsletter - July 2023
Credit monthly newsletter - July 2023
Millions turning to unauthorised lenders
New research conducted by IPSOS for Fair4All Finance suggests than more than three million people...
MPs launch SME lending inquiry
Parliament’s Treasury Committee has announced plans to launch an inquiry into SME lending. This...
FCA enables firms to provide mortgage breathing space
The FCA has made changes to its rulebook to allow lenders to offer their mortgage customers...
Credit Monthly Newsletter - June 2023
Credit monthly newsletter - June 2023
Bank of England set to ‘water down’ rules for lenders
The Bank of England is set to ‘water down’ changes to its post-crisis rulebook, after lenders are...
Lenders to pay out £47m to financially struggling borrowers
Following an investigation into how lenders treat borrowers who are experiencing financial...
FCA publishes mortgage lending statistics for June 2023
The FCA collects mortgage lending data via the Mortgage Lending and Administration Returns (MLARs)...
Credit Monthly Newsletter - May 2023
Credit monthly newsletter - May 2023
Fintech to hit $1.5trn by 2030
Asia-Pacific will outpace the US and Europe to eventually become the world’s largest fintech market.
Lending to see £29bn increase
Total lending is expected to go up by 1.2% this year, a net increase of £29bn, according to EY Item...
Bank of England to “water down” rules for lenders
Regulators are therefore examining ways to lower the burden on banks when the UK adopts new...
Credit Monthly Newsletter - April 2023
Credit monthly newsletter - April 2023
Lenders report increased default rates in Q1
Default rates on secured and unsecured loans to households and loans to small and medium-sized...
Invest & Fund Predict P2P Rebirth - Real Estate Investment Evolves
As the market sees increasing corporate ownership of housing assets, residential development...
European P2P market serves 112 countries
Research by Robo.cash suggests European peer-to-peer lenders now operate in 112 countries.
Credit Monthly Newsletter - March 2023
Credit monthly newsletter - March 2023
How will the property downturn impact P2P lending?
Investing in property-backed peer-to-peer lending can be a brilliant way to access the housing...
Eurocrowd launches pan-European working group
The European Crowdfunding Network (Eurocrowd) has launched an internal working group for platforms...
P2P business sector booms as consumer lending drops
Peer-to-peer business lending in Europe grew by 76 percent year-on-year to reach €300m (£266m) in...
Credit Monthly Newsletter
Credit monthly newsletter
More crowdfunding firms approved under new EU rules
The EU crowdfunding regulator has approved more platforms under the new pan-European crowdfunding...
Paying with BNPL leads to 72% higher transaction values
A study from Erasmus University Rotterdam (EUR) found that consumers spend on average 72% more per...
What does ECSPR mean for UK P2P platforms?
The newly introduced European Crowdfunding Service Providers Regulation (ECSPR) presents an...
Robo.cash predicts 6% growth in P2P volumes for 2023
Robo.cash is predicting that the European peer-to-peer (P2P) lending market will grow 6% during...
FCA Proposes To Ban Debt Packager Referral Fees
In February 2023, the FCA announced that it would progress previous proposals to ban debt packager...
Credit Monthly Newsletter January 2023
Credit monthly newsletter January 2023
What will P2P look like in 2023?
There’s no doubt that 2022 was another transformative time for peer-to-peer lending. The past...
EU agrees new rules on online credit
European parliamentarians have reached an agreement on updated consumer credit rules designed to...
EU Readies For Newly Licenced P2P & Crowdfunding Firms Influx
The new European Crowdfunding Service Provider Regulation (ECSPR) has been effective since November...
New EU rules could see lenders expand to UK
The new European Crowdfunding Service Provider Regulation (ECSPR) could make the UK peer-to-peer...
Portfolio Strategy: Claims Management Companies
In January 2023, the FCA wrote to claims management companies to set out its updated view of the...
Creditspring financial stability tracker
In December 2022, Creditspring, a lender specialising in small no-interest loans, published its...
Credit Monthly Newsletter December 2022
Credit monthly newsletter December 2022
FCA ‘Loophole’ Threatens BNPL Firms With Jail Time
The FCA has written to buy-now pay-later (BNPL) chiefs warning that they could face up to two years...
£12m compensation to be paid to thousands of struggling borrowers
The FCA expects lenders to learn the lessons from examples of good and poor practice seen during...
One in eight UK consumers has experienced BNPL fraud
New research shows that only a third of Brits trust buy-now-pay-later (BNPL) services to protect...
P2P investing stands out in a record year for alternatives
Peer-to-peer lending has stood out amongst alternative investments, offering more transparency,...
Mortgage lending statistics - December 2022
The FCA collects mortgage lending data via the Mortgage Lending and Administration Return (MLAR)...
FCA sets out how mortgage firms should be supporting borrowers
In December 2022, the FCA set out ways that mortgage firms can help customers worried about or...
Improvements Needed To The Credit Information Market
In November 2022, the FCA set out its proposals in the interim report forming part of its Market...
Credit Monthly Newsletter November 2022
Credit monthly newsletter November 2022
BNPL – Not such a great idea after all?
In this article we look at the effect of an economic slowdown on payment choices and ask whether...
90pc of European platforms applying for EU-wide licence
90 per cent of European crowdfunding platforms say they have already started working on the...
Four platforms authorised under new EU crowdfunding rules
Lendahand and Crowdcube are among the first cohort of crowdfunding platforms to be authorised under...
Credit Monthly Newsletter October 2022
Credit monthly newsletter October 2022
Fintech’s opportunity to help consumers with the cost of living crisis
As consumers’ worries multiply by the week, entrepreneurs in the digital finance space have an...
European P2P returns 12% in the year to July
European peer-to-peer lending investments returned an average of 12% in the year to July, making...
UK BNPL market continues to grow as banks join the party
Despite the growing economic storm and voices warning against such a move, UK banks continue to...